Biliti Electric gets SIDBI nod for 3-wheeler EV loans

Hyderabad: California-based Biliti Electric Inc announced that Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of MSMEs, has approved to sanction loans to those who are interested in purchasing GMW Taskman electric three wheeler (3W) Autos, through its 'Digital Prayaas' programme.

'Digital Prayaas' is an app-based end to end digital lending platform to facilitate access to low-cost borrowings for micro-entrepreneurs/micro enterprises. Further, to cater to the aspiring youths in the urban area, SIDBI has also tied up with a major aggregator BigBasket to on board its delivery partners across the country and provide loans at an affordable interest rate for purchase of environment friendly electric vehicles suitable for deliveries.

The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at 8-10 per cent interest rate and provide a regular stream of revenue, allowing them to lead a sustainable livelihood. Biliti's Taskman vehicle is first in the e-van segment to get financing approval as part of the programme.

While launching the initiative, Department of Financial Services Secretary Debasish Panda appreciated the role played by SIDBI in meeting the financial requirements of the people at the bottom of the pyramid by offering loans at an affordable rate through its Digital Prayaas programme.

SIDBI Chairman and Managing Director Sivasubramanian Ramann said, "The app facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction."